Climate Change Data

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Longships are one of the first cruise vessels to be voluntarily certified with the Green Award and are also certified with the European ISO 14001 Environmental Management practices. Ocean ships exceed the current requirements of the International Maritime Organization (“IMO”) Energy Efficiency Design Index (“EEDI”) by approximately 25%, and will exceed the 2025 EEDI requirements by almost 20%. Expedition ships exceed the current requirements of the EEDI by nearly 38%. Fuel costs represented only 5.7% of Adjusted Gross Margin for the year ended December 31, 2023.

Social Achievements

• Crew retention rate of about 80% as of December 31, 2023. Proprietary training program, Viking College.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Changes in the general worldwide economic and political environment could reduce the demand for cruises.
• Adverse weather conditions or other natural disasters, including high or low river water levels, may require us to alter our itineraries or cancel existing cruises.
• Adverse incidents involving cruise ships may adversely affect our business, financial condition and results of operations.
• Disease outbreaks or pandemics have had, and in the future could have, a significant impact on the travel industry generally and on our business and results of operations.
• The threat of terrorist attacks, wars, acts of piracy and other events affecting the safety and security of travel can reduce the demand for cruises or require us to cancel existing bookings.
• Changes in fuel prices would affect the cost of our cruise ship operations and our hedging strategies may not protect us from increased costs related to fuel prices.
• Increased labor costs or our inability to recruit or retain employees may adversely affect our business, financial condition and results of operations.
• Increases in inflation could adversely affect our business, financial condition and results of operations.
• Fluctuations in foreign currency exchange rates could affect our financial results.
• An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect our business, financial condition and results of operations.
• Our success is substantially dependent on the continued service of our senior management.
• Our expansion into new products may be unsuccessful.
• Conducting business internationally may result in increased costs and risks.
• If we experience delays in ship construction or ship repairs, maintenance or refurbishments or changes in costs, our business, financial condition and results of operations could be adversely affected.
• Lack of continuing availability of attractive, convenient and safe port destinations could adversely affect our business, financial condition and results of operations.
• We rely on travel agencies to generate a material portion of our sales.
• Reductions in the availability of and increases in the prices for the services and products provided by our vendors could adversely affect our business and revenues.
• We rely on scheduled commercial airline services to transport our guests to or from the cities where our cruises embark and disembark.
• Credit card processing terms and requirements, adverse changes in guest payment policies, and consumer protection legislation or regulations could negatively affect our financial condition.
• The Viking name and brand are integral to the success of our business.
• Breaches in data security or other disturbances to our information technology systems and networks and operations could adversely affect our business, financial condition and results of operations.
• We are highly leveraged.
• We are subject to complex laws and regulations, including environmental laws and regulations.
• Amendments to existing tax laws, rules or regulations or enactment of new unfavorable tax laws, rules or regulations could have an adverse effect on our business and financial performance.

Mitigation Strategies

• Hedging strategies for fuel and currency.
• Identical ships for operational flexibility.
• Robust customer insights practice.
• Direct marketing.
• Multiple distribution channels.
• Fuel-efficient fleet design.
• Remediation plan for material weaknesses in internal control over financial reporting.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Adverse weather conditions or other natural disasters, including high or low river water levels

Transition Risks

• Changes in fuel prices
• Increased environmental regulations

Opportunities

• Development of energy-efficient products
• Partial hybrid propulsion system based on liquid hydrogen and fuel cells

Reporting Standards

Frameworks Used: IFRS

Certifications: Green Award, ISO 14001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Rated #1 for Rivers, #1 for Oceans (for ships sized 500 to 2,500 berths) and #1 for Expeditions by Condé Nast Traveler in the 2023 Readers’ Choice Awards.